The wide-scale adoption of precision agriculture technologies is expected to enhance the potential return on investments (ROI) for farmers. The rising awareness, coupled with the increased governmental support for sustainable farming technologies, is expected to propel the market growth for precision agriculture. Precision agriculture technologies positively impact the agricultural value chain and create various disruptive business opportunities for various companies, such as agricultural machinery manufacturers, instrument developers, cloud service providers, and agri-input suppliers.
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Supported by governmental policies and low-cost technological developments, farmers across the globe are expected to increase the implementation of sustainable farming technologies. The application of precision agriculture technologies in the farming operations is likely to be facilitated by a broader participatory approach involving a variety of stakeholders, including farmers, agri-food giants, agricultural original equipment manufacturers (OEMs), consumer groups, investors, as well as government and non-government organizations. Moreover, the precision agriculture market is witnessing several trends and opportunities, which are propelling growth in the industry. The advent of agricultural drones and big data analytics in the farming sector is expected to drive the market during the forecast period.
Although advanced technologies and solutions have led to a positive disruption in the agriculture industry, understanding driving and restraint factors of the market are crucial for precision agriculture players to quickly adopt the same and survive in the market.
The upcoming trend of the use of advanced solutions in agriculture has gained prevalence amongst the governments of developed and developing countries. . Climate change is one of the most severe environmental threats to the productivity of agriculture processes. The interdependent relationship between climate change and agriculture become essential as the imbalance between the world food production and world population increases. In order to sustainably improve the agricultural productivity farmers are adopting advanced solutions.
However, there are certain challenges which prove to be a restraint in the growth of the advanced solutions in the global precision agriculture market. The awareness and knowledge about newer technological advancements in the agriculture technologies, such as data-driven farming, is yet to spread extensively amongst the growers, especially amongst those in the emerging countries. The lack of technical awareness in agriculture of developing countries and the concerns related to data privacy among growers also act as restraints in the market.
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High growth in the market is expected to be driven by the need to effectively apply site-specific farming solutions to manage raw materials and resources, as per requirements. The deployment of automation, along with control and sensing systems, to steer the application of agricultural inputs is expected to augment the growth of the market. Precision agriculture is also expected to reduce the ecological footprint of daily farming. In emerging countries, growth is expected to be driven by rising awareness among governments of different countries about the need to elevate farm produce while taking care of the environment. Furthermore, rising concerns over global food security and sustainability have led to extensive investments by the government in terms of initiatives and trade policies.
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